GBP/EUR - Ranging market
Last week price rallied to major resistance and, again, gave a sharp rejection. This week, so far, we have retested support from the supportive price area (green line) and the weekly 55EMA. Price is once again stuck within these ranging levels (between the red and green lines).
I am bullish on this pair BUT I am staying out of this market until a Brexit deal is final. For those that wish to trade this pair it's advisable that you buy on the green line and short on the red line. Until one of those levels breaks it will continue to range.
If we break below the green line the next level of support is the weekly 13EMA then the 1.1200 price level. If we can break above the red line then the next resistance is the 1.1600 price level then the weekly 200EMA (be cautious of a false breakout on this level).
Be cautious with this pair. Brexit may be the catalyst we need to break the resistance.
I am bullish on this pair BUT I am staying out of this market until a Brexit deal is final. For those that wish to trade this pair it's advisable that you buy on the green line and short on the red line. Until one of those levels breaks it will continue to range.
If we break below the green line the next level of support is the weekly 13EMA then the 1.1200 price level. If we can break above the red line then the next resistance is the 1.1600 price level then the weekly 200EMA (be cautious of a false breakout on this level).
Be cautious with this pair. Brexit may be the catalyst we need to break the resistance.
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